Good lord, yet another in Chapter 11 building may be holding an auction. A bankruptcy court judge today approved an auction request for the 222-unit Roosevelt Lofts building at 7th and Flower streets in downtown. The order by Judge Geraldine Mund authorizes a sales auction for between 50-75 units in the downtown building, which is currently leasing units. There's no date stipulated for the auction to take place (although auctioneer company Kennedy-Wilson has been authorized to run it), but in earlier filings, lawyers for the building proposed a February 14th auction. As the Downtown News previously reported, lawyers representing the project want the auction done as soon as possible because they believe that a new wave of units are about to hit the market (that may or may not be the real reason lawyers are pushing for a quick auction). Meanwhile, lender Bank of America, which opposed the auction, has been trying to dismiss the Chapter 11 case and foreclose on the building. Since Bank of America has a February 2nd hearing to discuss the Chapter 11 dismissal request, it's not entirely clear how this will play out. But the building has been cleared for an auction. UPDATE: Here's the ruling, a PDF file.
· Roosevelt Lofts Archives [Curbed LA]